2015 Apartment Vacancy and Rental Cost Survey

165 Pages·2016·1.54 MB·English

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ISBN 978-1-4601-3645-4 (Print)
ISBN 978-1-4601-3646-1 (Online)
ISSN 1701-249X (Print)
ISSN 2369-8780 (Online)
CONTENTS
EXECUTIVE SUMMARY .............................................................................................................. 1
SECTION 1 – INTRODUCTION ................................................................................................... 4
SECTION 2 – APARTMENT RENTAL RATES ............................................................................. 7
SECTION 3 – APARTMENT VACANCY RATES ....................................................................... 10
SECTION 4 – APARTMENT VACANCIES AND RENTAL RATE RANGES............................... 22
SECTION 5 – CONCLUSION ..................................................................................................... 23
SECTION 6 – DEFINITIONS ...................................................................................................... 24 
Appendix A: Table 1: Number of Rental Units Identified ...................................................... 25 
Appendix B: Table 2: Weighted Average Rent and Rental Range by Type of Unit .............. 28 
Appendix C: Table 2.b: Number of Vacancies by Rental Range and Type of Unit .............. 32 
Appendix D: Table 3: Number of Vacancies and Vacancy Rates by Age of Building .......... 56 
Appendix E: Table 4: Number of Vacancies and Vacancy Rates by Type of Building ......... 60 
Appendix F: Table 5: Number of Vacancies and Vacancy Rental Rates by Type of Unit .... 64 
Appendix G: Table 6: Change in Vacancy Rates ................................................................. 68 
Appendix H: Table 7: Comparative Vacancy Rates by Community, 2007-2017 .................. 71 
Appendix I: Table 8: Weighted Rents by Bedroom Type and Overall Vacancy Rates by
Community .................................................................................................... 75 
Appendix J: Table 9: Summaries of Individual Communities ............................................... 89
EXECUTIVE SUMMARY
Since 1973, (with the exception of 2004), the Government of Alberta has conducted an annual
Apartment Vacancy and Rental Cost Survey (AVS) of multi-family rental dwellings in Alberta’s
rural communities. The survey identifies building type and age, unit type, number of units, rental
rates, and the number of vacancies of private market rental units1 in rural communities that:
 have a population between 1,000 and 9,9992;
 have 30 or more rental units; and,
 are not included in the Canada Mortgage and Housing Corporation’s (CMHC)
bi-annual Rental Market Survey.
The survey includes rental buildings containing four or more market rental units, including: walk-
up and highrise apartment buildings, row/townhouses and multi-plexes. Store-top rental units are
also included.
Sixty-seven municipalities were eligible to be surveyed in 2017; however, data could not be
gathered from owners or landlords from Three Hills, so only 66 municipalities are reflected in the
report. The total number of units surveyed in 2017 was 9,904, which fell from 11,250 in 2016. The
response rate in 2017 was 77 per cent, compared to 86 per cent in 2016.
RENTAL RATES
The average rental rates by unit type were:
 $670 for bachelor units;
 $759 for 1-bedroom units;
 $876 for 2-bedroom units;
 $975 for 3-bedroom units; and,
 $1,406 for 4+ bedroom units.
The highest end of the rental ranges were in:
 Slave Lake for bachelor units ($1,300);
 Bruderheim for 1-bedroom units ($1,695);
 Banff for 2-bedroom units ($3,000);
 Fox Creek for 3-bedroom units ($2,500); and,
 Banff for 4+ bedroom units ($4,000).

1 Note: See Section 6 for a definition of private market rental units. For the remainder of this report, the term private
market rental unit has been shortened to rental unit.
2 The Survey does not include communities in urban areas with a population of 10,000 or more, as these areas are
surveyed bi-annually by the CMHC.
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The lowest end of the rental ranges were in:
 Barrhead for bachelor units ($375);
 Crowsnest Pass for 1-bedroom units ($350);
 Grande Cache for 2-bedroom units ($400);
 Bruderheim for 3-bedroom units ($495); and,
 Claresholm and Provost for 4+ bedroom units ($850).
VACANCY RATES
The average vacancy rates by unit type were:
 11.2% for bachelor units;
 12.2% for 1-bedroom units;
 11.6% for 2-bedroom units;
 11.6% for 3-bedroom units; and
 0.0% for 4+ bedroom units.
In 2017, the overall vacancy rate fell to 11.7 per cent, from 16.5 per cent in 2016. Compared to
2016, 2017 vacancy rates:
 decreased in 37 communities;
 increased in 24 communities; and
 did not change in five communities.
Seven communities (Black Diamond, Bow Island, Jasper, McLennan, Provost, Raymond and
Vulcan) reported a zero (0.0) per cent vacancy rate, and one other community (Banff) had a
vacancy rate below one per cent (0.6 per cent).
VACANCY RATES BY RENTAL RATE RANGES
Vacancy rates were lowest in 4+ bedroom units. Vacancy rates were highest for 3-bedroom units
in the less than $500 range (36.4 per cent), and 1-bedroom units in the less than $500 range
(36.2 per cent) and the $1350+ range (31.9 per cent).
CONCLUSION
While rental rates remained relatively stable across unit types in rural Alberta from 2016 to
2017, vacancy rates dropped significantly in 2017.
Vacancy rates across the province averaged 11.7 per cent in 2017, down from 16.5 per cent in
2016.
Twenty-four communites experienced an increase in vacancy rate in 2017, as compared to
2016 (down from 2016 where 44 communities experienced an increase in vacancy rate from
2015). Five communites had the same vacancy rate as the previous year (one more than in
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2016 from 2015), and 37 communities reported decreased vacancy rates (up from 18
communities in 2016, as compared to 2015).
The overall trend across Alberta is a decreasing vacancy rate. On average, vacancy rates
decreased irrespective of type of building (i.e. highrise, store-top, etc.), type of unit (bachelor
suites, 1-bedroom, 2-bedroom, etc.), and age of building, except for two exceptions. Four-plus
bedroom units remained at zero per cent vacancy in 2016-2017 (because there were only 23 4+
bedroom units surveyed in 2017, caution should be exercised in interpreting this finding), and
the vacancy rate for buildings that were two-to-five years old increased by 1.2 per cent.

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SECTION 1 – INTRODUCTION
Since 1973, (with the exception of 2004), the Government of Alberta has conducted an annual
Apartment Vacancy and Rental Cost Survey (AVS) of multi-family dwellings in Alberta’s rural
communities. The survey identifies building type and age, unit type, number of units, rental rates,
and the number of vacancies of private market rental units3 in rural communities. The eligibility
criteria used in selecting communities for the survey are those:
 with a population between 1,000 and 9,9994;
 with 30 or more rental units; and,
 which are not included in the Canada Mortgage and Housing Corporation’s (CMHC)
bi-annual Rental Market Survey.
Each year the number of communities in the AVS differs due to changes in population or the
number of rental units in the community.
All 67 municipalities that were eligible to be surveyed in 2017 are listed below. Three Hills was
added to the list this year; however, no data could be gathered from owners or landlords from this
municipality. As such, only 66 municipalities are reflected in the survey results.
Athabasca Drayton Valley Lac La Biche Spirit River
Banff Drumheller Mayerthorpe St. Paul
Barrhead Eckville McLennan Stettler
Bassano Edson Millet Sundre
Beaverlodge Elk Point Nanton Swan Hills
Black Diamond Fairview Olds Taber
Blackfalds Falher Peace River Three Hills
Bonnyville Fort Macleod Penhold Tofield
Bow Island Fox Creek Pincher Creek Two Hills
Bowden Grande Cache Ponoka Valleyview
Bruderheim Grimshaw Provost Vegreville
Cardston Hanna Raymond Vermilion
Carstairs High Level Rimbey Vulcan
Claresholm High Prairie Rocky Mtn. House Wainwright
Coaldale Hinton Sexsmith Westlock
Crowsnest Pass Innisfail Slave Lake Whitecourt
Didsbury Jasper Smoky Lake

3 Note: See Section 6 for a definition of private market rental units. For the remainder of this report, the term private
market rental unit has been shortened to rental unit.
4 The Survey does not include communities in urban areas with a population of 10,000 or more, as these areas are
surveyed bi-annually by the CMHC.
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PURPOSE
The AVS provides the housing industry, private sector, and various government ministries with
housing information on vacancy and rental rates for multi-family market rental dwellings in
Alberta’s rural communities.
METHODOLOGY
The survey was conducted in the months of September and November 2017. A multi-modal data
collection method (telephone/fax/email) was used to gather data from apartment owners,
managers, building superintendents, and property management agencies. The information
collected reflects market conditions at the time of the survey. The survey identifies building type
and age, unit type, number of units, rental rates, and the number of vacancies. All survey data
records are subjected to computer validity checks and are adjusted for non-responses to ensure
the information is an accurate representation of what was provided in the survey.
The survey includes non-subsidized rental buildings containing four or more rental units,
including:
 walk-up and highrise apartment buildings;
 four-plexes, row/townhouses; and
 other multi-plex rental stock.
Store-top rental units are also included, as they represent a significant portion of the total rental
stock in some communities.
The survey does not include:
 rented single-detached duplexes, and semi-detached houses;
 individually owned and managed rental condominium units; and
 secondary suites such as basement suites, attic apartments, and garage suites.
For a rental unit to be included in the survey, it must be either occupied at market value, or be
available for rent at market value. In buildings that include both non-subsidized and subsidized or
affordable housing rental units, only units rented at market rates are included in the survey.
In 2017, out of a total of 1,245 surveys, 960 responses were received, 231 cases were unresolved
(busy, no answer, answering machine), and 54 cases were refusals, for a total response rate of
77.1 per cent, compared to 86.1 per cent in 2016. The total number of units surveyed in 2017 was
9,904, which fell from 11,250 in 2016.
Values provided in the tables are rounded to the nearest tenth. As such, some percentages
may not correspond with the sum of its separate values, or may not correspond exactly to a
whole number. Where applicable, summary statistics used unweighted averages.

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AUTHORITY TO COLLECT INFORMATION
The collection and dissemination of this information is authorized under section 33(c) of the
Freedom of Information and Protection of Privacy Act and the privacy protection provisions apply.
ACKNOWLEDGEMENTS
The annual Apartment Vacancy and Rental Cost Survey could not have been carried out without
the cooperation of the rental property owners, managers, building superintendents, property
management agencies, and municipal officials throughout Alberta. The Government of Alberta
gratefully acknowledges and appreciates their assistance in the completion of this survey. This
successful collaborative process ensures that the annual Apartment Vacancy and Rental Cost
Survey Report is an accurate reflection of vacancies and rental costs in Alberta’s rural
communities.

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SECTION 2 – APARTMENT RENTAL RATES
2017 AVERAGE RENTAL RATES AND RANGES BY TYPE OF UNIT
Chart 1 illustrates the 2017 average rental rates for each type of unit, as well as which community
reported the highest and lowest rental rates among the 66 communities successfully surveyed for
the respective unit type. Locations of highest and lowest rental rates are presented on the chart.
The average rental rates by unit type were:  
 $670 for bachelor units;
 $759 for 1-bedroom units;
 $876 for 2-bedroom units;
 $975 for 3-bedroom units; and,
 $1,406 for 4+ bedroom units.

Chart 1 – 2017 Rental Ranges and Average Rental Rates by Unit Type 

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